Prominent Bitcoin critic and CEO of Euro Pacific Capital, Peter Schiff, has taken to Twitter to opine that there is not much of a difference between Bitcoin and any other digital currency. He has also stated that crypto inflation is much bigger than sovereign inflation and offered his opinion as to why. Euro Pacific Capital CEO and host of the Schiff Radio Show, Peter Schiff, tweeted on Wednesday: My son Spencer Schiff went all in on bitcoin on the last drop below $50k. 100% of his portfolio is.
Bitcoin Price Peter Schiff Twitter
Tesla’s CEO laid out his thoughts on what money is in a Twitter conversation with Peter Schiff. He also said that BTC and ETH prices ‘seem’ high. Bitcoin recently became a trillion-dollar asset as its price also surged past $57,000. The latest tweets from @PeterSchiff. Peter Schiff's Official YouTube Channel My goal is to educate my audience about free market economics and the principals and benefits of individual liberty, limited government and sound money.
Source: https://schiffgold.com/videos/peter-schiff-americas-consumption-economy-is-a-bubble-economy/
America has turned into a consumption economy. The problem is, economies can’t run on consumption. Peter Schiff explains in this clip from a recent interview.
Consumption economies are bubble economies.”
A vibrant, healthy economy needs production.
Because you cannot consume what is not first produced. Since our economy is so weak and we’re unable to produce the things that we’re consuming, America relies on strong international economies that are able to produce what we consume.”
The question is how long will the rest of the world subsidize America’s standard of living? How long will other countries prop up a dysfunctional, weakening US economy by supplying it with goods it cannot produce for itself?
And then the dollar crashes and that’s the end of this game. Because to the extent that we can only spend our dollars on the things that we produce ourselves, that’s where it hits the fan, because we’re not producing things. And then price increases are going to explode in a much more visible manner.”
Peter said this is already happening.
Prices are going up all over and we want to pretend that, well, this is a one-time thing. It’s transitory. It’s because of supply shocks or shortages. No. It’s a surplus of money. That is the problem. And we’re creating even more.”
When you break it all down, all of this is inflation. Money printing and shopping are driving the economy. Americans are sitting at home getting stimulus checks and spending the money. But they’re not making anything. There is little production.
Americans are buying stuff that they didn’t produce. There’s no productivity related to this money printing. And so we’re going to see a surge in prices.”
Peter reminds us that the surging prices are not the inflation.
They’re the consequence of the inflation. The inflation is created by the Fed as it inflates the money supply to buy up all the bonds the government is selling so the stimulus checks don’t bounce.”
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One of bitcoin’s biggest critic and a prominent gold bug, has come out to publicly say he was wrong about bitcoin after years of dissing the digital gold.
“I was wrong about Bitcoin,” Peter Schiff said on April the second Australia time, sending off crypto twitter aflair.
“So many of us appreciate and respect you and your work, it would be good to see a vid with your analysis that lead to this statement, your view going forward. BTW I still firmly believe that ‘all that glitters in not gold’ Thank you sir,” John Williamson said.
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Another one asked Schiff to turn his tweet into an NFT to make some crypto money. Mac for dummies pdf free download.
Peter Schiff Twitter 2017
Among other things, he founded Schiff Gold and is a precious metals dealer, but after a successful career he has seen gold’s price drastically fall more recently as bitcoin starts replacing it in its role of acting as a hedge and diversifier.
Something Schiff did not take lightly, raging at bitcoin for now months. But as they say, if you can’t win then join them.
Peter Schiff Twitter Eggplant
So April fools or not, maybe he has realized he lost and so perhaps he does now turn into a bitcoiner because why not support digital gold.